Loss of independence and self-esteem during retirement is an alarming concern

Average retirement age in India is no longer 60. Would you agree to this?

This life-phase will bring it’s share of challenges. As your Financial Advisor in Kolkata, I intend to address the financial consequences of those challenges.

The Japanese people have an interesting approach to retirement. Rather than using the word ‘retirement’, they have a concept of ‘second life’.

Who would want to depend on the next generation during retirement? Nobody, right? But, are Indians doing enough to lead a relaxed life in retirement?

We want you think about what your ‘second life’ is going to look like. While planning for retirement, many people do not have clear ideas about retired life.

We may know what we are retiring from. Do we know what we are retiring to? This is where, I, as your SEBI Registered Investment Advisor in Kolkata, would play a role of a coach in your life for a fulfilling ‘second life’.

Inadequate funds can force retirees to compromise on their lifestyle and reduce their quality of life. But, how practical it is to downgrade lifestyle? Who would like to cut back on social activities, and sacrificing hobbies and travel plans. On the other hand, constant worry about finances can lead to chronic stress and mental health issues, such as depression and anxiety.

Medical treatments and healthcare facilities is expensive. Without a sizeable retirement fund, accessing quality healthcare may become a challenge. Medical expenses in India is increasing at a staggering 14% p.a.

The Need for Retirement Planning

1. Financial Security: We have to ensure a consistent income post-retirement to maintain the desired lifestyle.
2. Inflation: As the cost of living increases over time, proper planning helps to cope up with inflation.
3. Healthcare Costs: Medical expenses tend to rise as we age. An all-pervasive Retirement Plan can cover these unexpected costs.
4. Longevity Risk: With life expectancy increasing, having enough savings to last throughout retirement becomes essential. What if one outlives the retirement corpus?
5. Peace of Mind: At the end of the day, the feeling of knowing that there's financial backup, is all what we need.
6. Nuclear Families: The transition from joint families to nuclear households in India means retirees can no longer rely solely on family members' support.

India's population is aging and life expectancy increasing. By 2031, it is estimated that 12% of Indians will be over the age of 60. This demographic shift necessitates stronger retirement planning.

Planning for comfortable retirement is an ongoing process and not a onetime event. Many external and internal factors can impact the viability of your Retirement Plan in the future. We sit with our clients at regular intervals to check the financial situations by comparing actual scenarios with initial assumptions and use this analysis to determine if adjustments need to be made.